What is a CEDS?
The Comprehensive Economic Development Strategy or CEDS is a development tool for our region to map out where we want to go, partner to streamline and coordinate efforts, reduce redundancies, and attract funding. The CEDS is a regionally based planning document that outlines what is happening in our region. It contains statistical information for a snapshot of the region, such as population, graduation rate, fisheries data, and more. It also features a SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis created by people living in the region. Most importantly, the CEDS Action Plan outlines what objectives or projects the region supports and wants to see completed in the next five years.
Make the CEDs work for you
The four benefits of the Comprehensive Economic Development Strategy.
Most people are unaware of the benefits the CEDS can bring to a project, by participating in the CEDS process, projects receive public & private organizations, communities, and regional support that can move a project forward. The CEDS can also be called a tool for development, this is how the tool can work for you:
First, by getting your project idea down on paper you are creating a roadmap or plan for the future. Creating a plan helps you tell your story and illustrate the roadmap you will take to reach your goals. This is important for attracting funding, creating policy changes, and helping to onboard new staff. Best of all there is less uncertainty because you do not have to guess what is coming next; your plan tells you which way to go.
Secondly, the CEDS helps attract funding for your project. There are a few ways the CEDS helps you attract funding. Having a project in the CEDS opens up funding opportunities, like through the Economic Development Administration that only funds projects listed in a CEDS. Other funding agencies, like the USDA or Administration for Native Americans, give extra scoring points if your project is part of a regional planning process or document like the CEDS. When the CEDS steering committee meets to review your project in the CEDS, they will often make suggestions for possible funding opportunities and list them under your objective—it is like having a team of funding experts review your project. The Economic Development Program will keep your project in mind and share funding and learning opportunities to help you make your project come to life.
Third, the CEDS helps create partnerships that can speed up your project. Both the Steering Committee and Economic Development Program can make recommendations for potential partners or resource references, to help you make your project a reality. They can connect you to a host of statewide resources that can plug you into a wealth of resources related to your project needs.
Fourth, the CEDS helps reduce redundancies in development efforts. This works hand in hand with creating partnerships, if the CEDS team knows of another project similar to yours, they can get you in touch with people who have experience and can help with the process to help save you time and move your project forward.
The Economic Development Program looks forward to working with you and making the CEDS work for you.
Bristol Bay is a designated Economic Development District (EDD) through the US Economic Development Administration (EDA). BBNA has been the region’s EDD/EDA planning partner since the 1970’s and is responsible for developing a Comprehensive Economic Development Strategy (CEDS) for Bristol Bay area designed to identify regional priorities for economic and community development. This plan follows the new guidelines released by the US EDA in February 2015. The CEDS is a strategy driven plan developed by a diverse group of local entities from private, public, and nonprofit sectors.